The risk-on trade tracked a broader move by commodities,
equities and the euro but gains looked fragile with several
issues still to be resolved before the shadow of a messy debt
default is lifted.

"It's been a really consistent story since the start of the
year. We've had very few risk-off days ... given what's
happening in other markets it's primarily just the risk-on trade
itself," said Mark Chandler, head of fixed income and currency
strategy at RBC Capital Markets.

Greece must still detail how a further 325 million euros of
spending cuts will be reached, and give binding assurances the
full plan will be implemented before euro zone finance ministers
meet on Wednesday.

At 9:15 a.m. (1415 GMT), the Canadian currency
stood at C$0.9989 versus the U.S. dollar, or $1.0011 U.S., up
from Friday's North American session close of C$1.0028 to the
U.S. dollar, or 99.72 U.S. cents, which marked its biggest
weekly drop this year.

RBC Capital Markets expects today's range to fall on either
side of parity between C$0.9950-C$1.0005.

"Really, in terms of what's driving the Canadian dollar,
there's not a heck of a lot domestically behind it."